Dresdner Kleinwort Wasserstein Outsources Fixed-Income Processing to ADP
Monday July 14, 8:00 am ET
biz.yahoo.com
NEW YORK, July 14 /PRNewswire-FirstCall/ -- ADP Brokerage Services Group, a division of Automatic Data Processing, Inc. (NYSE: ADP) announced today that the New York office of investment bank Dresdner Kleinwort Wasserstein has signed a multi-year agreement to outsource its fixed-income trade processing to ICI/ADP using its impact(TM) solution. The impact product is the premier solution for providing comprehensive fixed-income support to the financial services marketplace.
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Previously, Dresdner had used a licensed system from ICI/ADP. The decision to move to a service bureau solution was made in order to reduce total operating costs as well as to upgrade to the latest version of the impact system. The latest version includes a browser-based interface for back-office users.
Dresdner is also a long-time user of ADP's Brokerage Processing Service on a service bureau basis for the processing of its US domestic equities, options and CDs. Dresdner will also have the benefit of integrated books and records across all financial instruments and a single Security Master Database.
impact provides trading support for all major fixed-income securities, including foreign debt instruments, mortgage-backed and asset-backed securities. Its straight through processing capabilities provide deal capture and editing facilities, constant tracking of the effects of market changes on positions, on-line pricing, and an integrated collateral management and funding module. All this information flows seamlessly to back office operations including a customizable general ledger and regulatory compliance reporting.
Vito DiMattia, Managing Director and Head of Operations New York for Dresdner Kleinwort Wasserstein commented, "We are delighted to outsource our fixed-income processing to ADP. This will allow us to focus our resources on activities that differentiate us in the marketplace and save money."
Doug Politi, Senior Vice President and General Manager, ICI/ADP said, "impact will enable Dresdner to have one set of consolidated books and records thus increasing efficiency." |
